Theoretical advances on Economic Model Predictive Control with time-varying costs

Economic Model Predictive Control is a technique for optimization of economic revenues arising from controlled dynamical processes that has established itself as a variant of standard Tracking Model Predictive Control. It departs from the latter in that arbitrary cost functions are allowed in the formulation of the stage cost. This paper takes a further step in expanding the applicability of Economic Model Predictive Control by illustrating how the paradigm can be adapted in order to accommodate time-varying or parameter-varying costs.